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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
05/03/2018 ESMA70-145-386 Technical Advice on the evaluation of certain elements of the Short Selling Regulation Short Selling Final Report PDF
1.72 MB
16/08/2012 2012/525 Summary of responses on considerations of materiality in financial reporting Corporate Disclosure, IFRS Supervisory Convergence Final Report PDF
383.4 KB
07/04/2016 2016/584 Suitability Peer Review- Final Report MiFID - Investor Protection, Supervisory convergence Final Report PDF
459.35 KB
07/04/2016 2016/585 Suitability Peer Review- Annex MiFID - Investor Protection, Supervisory convergence Final Report PDF
987.81 KB
09/03/2016 ESAs/2016/21 RTS on Risk Mitigation LegisWrite Joint Committee Final Report PDF
419.38 KB
16/06/2014 2014/643 Review on the application of accounting requirements for business combinations in IFRS financial statements Corporate Disclosure, IFRS Supervisory Convergence Final Report PDF
751.04 KB

This report evaluates the consistency of application of key requirements of IFRS 3 - Business Combinations and how compliant and entity-specific IFRS 3 disclosures are in the 2012 annual IFRS financial statements of a sample of 56 issuers in the European Union (EU). It also includes other IFRS 3 issues identified as part of the enforcement experience of European national enforcers (European Enforcers) that participate in the European Enforcers Coordination Sessions (EECS).
26/07/2012 2012/482 Review of Greek Government Bonds accounting practices Corporate Disclosure, IFRS Supervisory Convergence Final Report PDF
583.61 KB

This report includes a Review of Greek Government Bonds accounting practices in the IFRS Financial Statements for the year ended 31 December 2011.
18/11/2013 2013/1664 Review of Accounting Practices- Comparability of IFRS Financial Statements of Financial Institutions in Europe Corporate Disclosure Final Report PDF
1.3 MB		 This report provides an overview of accounting practices of financial institutions in Europe in selected areas related to financial instruments. It evaluates the level of comparability and quality of the disclosures in the 2012 IFRS financial statements of a sample of 39 major European financial institutions and includes recommendations to enhance the transparency of financial information through the application of the IFRS provisions. Transparent financial information plays a key role in maintaining market confidence, improving markets’ efficiency by allowing investors to identify risks in a timely manner, contributing to financial stability and is a pre-requisite in creating premises for sound economic growth. As an effect of market turbulences resulting from the financial crisis, transparency and comparability of the financial statements of financial institutions have gained increased importance for market participants. In this context, ESMA has intensified its reviewing activities, with an increased focus on the financial statements of financial institutions and together with EBA and ESRB has undertaken further initiatives to improve the level of confidence in the financial sector by asking financial institutions to provide better disclosure of financial and risk information in financial reporting. Overall ESMA found that disclosures specifically covered by requirements of IFRS 7 – Financial Instru-ments: Disclosures were generally provided and acknowledges the efforts made by financial institutions to improve the quality of their financial statements. Yet, ESMA observed a wide variability in the quality of the information provided and identified some cases where the information provided was not sufficient or not sufficiently structured to allow comparability among financial institutions. Some financial institutions provided disclosures that were not specific enough, lacked links between quantitative and narrative information, or provided disclosures that could not be reconciled to the primary financial statements. ESMA urges issuers to take a step back and consider the overall objectives of IFRS 7 against their specific circumstances when preparing disclosures. When information was provided outside financial statements (e.g. in a risk report or business review), in some cases it was unclear whether it was incorporated by reference. In general, users of financial infor-mation would benefit if information provided in different sections of the financial report were linked to each other and if information provided across these reports was consistent or major differences in bases used to provide this information were explained.
28/03/2011 2011/22 Report- ESMA Data on Prospectuses Approved and Passported- July 2010 to December 2010 Prospectus, Corporate Disclosure Final Report PDF
134.79 KB
03/01/2013 2012/875 Report to the European Parliament, the Council and the Commission on the budgetary impli-cations of Regulation (EU) No 236/2012 on short selling and certain aspects of credit default swaps Short Selling Final Report PDF
532.88 KB
29/10/2014 2014/1278 Report on the equivalence of the Indian Accounting Standards Corporate Disclosure, IAS Regulation Final Report PDF
1.7 MB

This report fulfils the mandate received by the European Securities and Markets Authority (ESMA) from the European Commission (EC) in February 2014 to provide it with an update on the level of convergence of the Indian Accounting Standards (Ind-AS)1 towards International Financial Reporting Standards (IFRS) and the quality of application and enforcement of the Ind-AS, so that the EC can provide a progress report to the Council and the European Parliament (EP) in line with its obligations under Commission Regulation (EC) 1569/2007.
02/04/2014 JC/2014/18 Report on risks and vulnerabilities in the EU financial system March 2014 Joint Committee Final Report PDF
1.28 MB
14/12/2015 EBA/Op/2015/20 Report on investment firms Joint Committee Final Report PDF
1.2 MB
08/11/2013 JC-2013-72 Preliminary report on anti-money laundering and counter financing of terrorism Risk Based Supervision Joint Committee Final Report PDF
636.21 KB
31/07/2014 JC/2014/062 Placement of financial instruments with depositors, retail investors and policy holders ('Self placement') Joint Committee Final Report PDF
383.93 KB		 Reminder to credit institutions and insurance undertakings about applicable regulatory requirements Executive summary As part of their respective mandates to protect investors, depositors and policy holders, the three European Supervisory Authorities, the EBA, ESMA and EIOPA are concerned about the practices used by some financial institutions to comply with enhanced prudential requirements under the CRD/R IV, the pending BRRD, and Solvency 2, as well as the ongoing EBA stress test and the ECB’s comprehensive assessment. These practices include financial institutions selling to their own client base financial instruments that they themselves have issued and that are eligible to comply with the above requirements. This practice may breach a number of rules governing the conduct of these institutions. However, the ‘loss bearing’ features of many of these products mean that consumers are exposed to significant risks that do not exist for other financial instruments. For example, investors are more likely to be subject to bail-in; and the absence of harmonised structures, trigger points and loss absorption makes it difficult for investors to understand and compare the products. Each product needs to be assessed as a unique offering, which may be particularly challenging for retail investors. The three authorities, within their remits, are reminding financial institutions that capitalisation pressures should not affect their ability to comply with existing and future requirements applicable in the European Union for the provision of services to consumers, including investors, depositors and policy holders. It is expected that due to regulatory and market developments, the risks of consumer detriment described here will further increase; this reminder is aimed at preventing this.
29/11/2017 ESMA42-111-4285 Peer review on certain aspects of the compliance function under Mi-FID I MiFID - Investor Protection, Supervisory convergence Final Report PDF
1.25 MB
30/03/2021 ESMA74-362-1013 MiFIR review report on the obligations to report transactions and reference data Market data, MiFID - Investor Protection Final Report PDF
1004.75 KB
06/02/2014 JC 2014/004 Mechanistic references to credit ratings in the ESAs’ guidelines and recommendations Joint Committee Final Report PDF
519.98 KB		 The Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA - ESAs) published today its final Report on mechanistic references to credit ratings in the ESAs’ guidelines and recommendations and on the definition of “sole and mechanistic reliance” on such ratings. In accordance with the Credit Rating Agencies Regulation (CRA 3), the EBA, ESMA and EIOPA have reviewed all their existing guidelines and recommendations in order to identify, and where appropriate remove, references to external credit ratings that could trigger sole or mechanistic reliance on such ratings. This final report includes the amendments to ESMA’s Guidelines on Money Market Funds (MMF) according to the definition of ‘sole and mechanistic reliance’ contained therein. This common definition aims at harmonising the different interpretations of ‘sole and mechanistic reliance’ in the ESAs regulations and guidelines. This definition, to which the ESAs intend to refer to in all their future guidelines, recommendations and draft technical standards, was developed taking into account all the comments received during the public consultation that ended on 5 December 2013. Legal background Regulation (EU) No 462/2013 of 21 may 2013 (CRA 3) mandates the EBA, EIOPA and ESMA to review and, where appropriate, remove all references to credit ratings in existing guidelines and recommendations that have the potential to trigger sole or mechanistic reliance. This article puts forward the first of the Principles for reducing reliance on CRA Ratings issued by the Financial Stability Board on 27 October 2010.
01/04/2014 2014/342 Languages accepted for the purpose of the scrutiny of the Prospectus and requirements of translation of the Summary- March 2014 Prospectus, Corporate Disclosure Final Report PDF
194.98 KB		 The document provides an overview of the languages that each national competent authority accepts when acting as home or host competent authority, as the case may be, for the purpose of the scrutiny of the prospectus. In addition the document outlines national requirements in relation to translation of summaries.
28/11/2013 JC 2013/77 Joint Position of the European Supervisory Authorities on Manufacturers’ Product Oversight & Governance Processes Joint Committee Final Report PDF
210.59 KB		 The Joint Committee of the three European Supervisory Authorities published today eight principles applicable to the oversight and governance processes of financial products. These principles cover in particular the responsibilities of manufacturers and producers in setting up processes, functions and strategies for designing and marketing financial products, as well as at reviewing the products’ life cycle. The Joint Position of the European Supervisory Authorities (ESAs) highlights in particular that the design of financial products and services poses risks to consumers when the target market is not correctly identified. These risks can also arise when the objectives and characteristics of the target market are not duly taken into account in the marketing of products to consumers. These issues have previously arisen at EU level across the three sectors of banking, insurance and securities.The eight high level principles developed by the three ESAs in their Joint Position stress the importance of the controls that manufacturers should put in place before launching their products, thus discouraging products and services that may cause consumer detriment from entering the market and thus ultimately enhancing consumers’ confidence in financial markets.The Joint Position is not directly addressed to market participants and competent authorities but it will provide a high-level, consistent basis for the development of more detailed principles addressed to manufactures by each ESA in the respective sectors. The Joint position is therefore without prejudice to any work that is being developed by each ESA, including in the context of the review of sectoral Directives.

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